I don't think we can actually say that it's the "worst idea ever". You see, quite simply enough.... It hasn't even happened yet.
I'll admit, the concept itself may seem inappropriate for the time being, what with the lack of legitimate submission holds as finishers. However, like KB said, this does a pretty decent job at capitalizing on a market such as MMA fighting. However, KB and I differ in one area; that while MMA is a legitimate situation, and one never knows what to expect, The WWE's programs are scripted, and we are led to suggest that certain things will happen on the show. What is alluring to the fans of MMA is the idea that somebody is going to get knocked out instantaneously. If the WWE can manage to grab that same sort of feel for the fans, in which the match can end at any point, then I would agree that this pay per view could work out. But to call it the worst idea ever is sheer madness. We have yet to actually see the layout of the event, or what the actual event pertains to. While it could be bad, it has just as much chance of being good, as well. I'd buy it, just like any other Pay Per View, and the fact that it's a submission based PPV is not going to detract me from using my dollars to pay for the event.
I guess my point is this... This type of speculation really doesn't prove productive for any reason, and for that matter, all it will do is cause confusion on your part, and dissuade you from purchasing the pay per view, even if the lineup is great for it. Don't try and count yourself out just because it sounds different, or because you have no idea what it's going to be like. Give it a shot, and then if you feel it was the worst idea of history, then it would be appropriate for you to state such a thing.